Tether, the largest stablecoin issuer, is valued at approximately $515 billion according to its CEO Paolo Ardoino, who described this figure as conservative. If Tether were to go public, it would rank as the 19th largest company globally, surpassing firms like Costco and Coca-Cola. Despite its dominant position in the international market, Tether currently has no plans for an initial public offering. By comparison, Circle, the first publicly listed stablecoin issuer, holds about a 25% market share in the stablecoin market with an annualized revenue of around $2 billion. Circle's transaction-based business lines, including the CCTP cross-chain bridge, have grown approximately 220% year-over-year. PayPal's stablecoin, PYUSD, reached $1 billion in outstanding supply roughly two years after its launch. Tether was founded in 2014 to address banking challenges faced by the crypto industry and now ranks as the fifth most profitable company in its sector, outperforming Morgan Stanley and Goldman Sachs with a small staff of about 100 employees.